This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Estimates	Estimates	Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Q2 2023
Johnson and Johnson					NE:	JNJ	NYSE:	JNJ-N	https://www.jnj.com/		Fiscal Yr:	Dec 31
Year	12/31/10	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25		Value	Description	#Y	Item	Total G	Currency
Reporting Date					28-Dec-14	3-Jan-16	1-Jan-17	31-Dec-17	30-Dec-18	29-Dec-19	3-Jan-21	2-Jan-22	31-Dec-22	31-Dec-23	31-Dec-24	31-Dec-24
Accounting Rules		US GAAP	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP
Split
USD - CDN$	0.9970	1.0213	0.9968	1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2988	1.2678	1.3544	1.3857	1.3857	1.3857		3.11%	<-IRR #YR->	10	USD - CDN$		1.38%
Change	-5.06%	2.44%	-2.40%	6.70%	9.07%	19.36%	-3.04%	-6.57%	8.74%	-4.79%	0.00%	-2.39%	6.83%	2.31%	0.00%	0.00%		1.54%	<-IRR #YR->	5	USD - CDN$		5.99%
Exchange 10 years			-0.9968	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	1.3544								Exchange 10 years
Exchange 5 years								-1.2545	0.0000	0.0000	0.0000	0.0000	1.3544								Exchange 5 years
														$97,773	<-12 mths	2.98%
Sales*	$61,587	$65,030	$67,224	$71,312	$74,331	$70,074	$71,890	$76,450	$81,581	$82,059	$82,584	$93,775	$94,943	$84,752	$87,704	$90,100		41.23%	<-Total Growth	10	Revenue		US$
Increase	-0.50%	5.59%	3.37%	6.08%	4.23%	-5.73%	2.59%	6.34%	6.71%	0.59%	0.64%	13.55%	1.25%	-10.73%	3.48%	2.73%		3.51%	<-IRR #YR->	10	Revenue	41.23%	US$
5 year Running Average	$60,330	$62,671	$63,897	$65,410	$67,897	$69,594	$70,966	$72,811	$74,865	$76,411	$78,913	$83,290	$86,988	$87,623	$88,752	$90,255		4.43%	<-IRR #YR->	5	Revenue	24.19%	US$
Revenue per Share	$22.49	$23.87	$24.19	$25.28	$26.71	$25.43	$26.56	$28.50	$30.64	$31.17	$31.37	$35.67	$36.33	$32.62	$33.76	$34.68		3.13%	<-IRR #YR->	10	5 yr Running Average	36.14%	US$
Increase	0.27%	6.13%	1.35%	4.50%	5.63%	-4.77%	4.44%	7.29%	7.52%	1.73%	0.64%	13.70%	1.84%	-10.20%	3.48%	2.73%		3.62%	<-IRR #YR->	5	5 yr Running Average	19.47%	US$
5 year Running Average	$21.53	$22.62	$23.19	$23.66	$24.51	$25.10	$25.64	$26.50	$27.57	$28.46	$29.65	$31.47	$33.04	$33.43	$33.95	$34.61		4.15%	<-IRR #YR->	10	Revenue per Share	50.14%	US$
P/S (Price/Sales) Med	2.74	2.63	2.78	3.28	3.66	3.88	4.16	4.48	4.36	4.37	4.28	4.66	4.74	4.99	0.00	0.00		4.97%	<-IRR #YR->	5	Revenue per Share	27.46%	US$
P/S (Price/Sales)	2.75	2.75	2.90	3.62	3.92	4.04	4.34	4.90	4.21	4.68	5.02	4.80	4.86	4.64	4.48	4.36		3.60%	<-IRR #YR->	10	5 yr Running Average	42.43%	US$
*Sales to Customers in M US $					P/S Med	20 yr	3.73	15 yr	3.88	10 yr	4.32	5 yr	4.37		7.36%	Diff M/C		4.51%	<-IRR #YR->	5	5 yr Running Average	24.68%	US$
			-$67,224	$0	$0	$0	$0	$0	$0	$0	$0	$0	$94,943
								-$76,450	$0	$0	$0	$0	$94,943
			-$63,897	$0	$0	$0	$0	$0	$0	$0	$0	$0	$86,988
								-$72,811	$0	$0	$0	$0	$86,988
			-$24.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.33
								-$28.50	$0.00	$0.00	$0.00	$0.00	$36.33
			-$23.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.04
								-$26.50	$0.00	$0.00	$0.00	$0.00	$33.04
														$28,521	<-12 mths	5.48%
														$10.88	<-12 mths	7.19%
Adjusted Earnings	$13,300	$13,877	$14,345	$15,876	$18,318	$17,445	$18,764	$20,040	$22,315	$23,310	$21,433	$26,195	$27,038					88.48%	<-Total Growth	10	Adjusted EPS		US$
Adjusted Earnings Basic	$4.83	$5.07	$5.21	$5.65	$6.51	$6.29	$6.85	$7.44	$8.32	$8.81	$8.14	$9.96	$10.30
Adjusted Earnings Diluted	$4.76	$5.00	$5.10	$5.52	$6.39	$6.20	$6.76	$7.30	$8.18	$8.68	$8.03	$9.80	$10.15	$10.09	$10.80	$11.22		99.02%	<-Total Growth	10	Adjusted EPS		US$
Increase	2.8%	5.0%	2.0%	8.2%	15.8%	-3.0%	9.0%	8.0%	12.1%	6.1%	-7.5%	22.0%	3.6%	-0.6%	7.0%	3.9%		10	0	10	Years of Data, EPS P or N	100.00%	US$
5 year Running Average	$4.37	$4.62	$4.81	$5.00	$5.35	$5.64	$5.99	$6.43	$6.97	$7.42	$7.79	$8.40	$8.97	$9.35	$9.77	$10.41		7.12%	<-IRR #YR->	10	AEPS	99.02%	US$
AEPS Yield	7.7%	7.6%	7.3%	6.0%	6.1%	6.0%	5.9%	5.2%	6.3%	6.0%	5.1%	5.7%	5.7%	6.7%	7.1%	7.4%		6.81%	<-IRR #YR->	5	AEPS	39.04%	US$
Payout Ratio	44.33%	45.00%	47.06%	46.92%	43.19%	47.58%	46.60%	45.48%	43.28%	43.20%	49.56%	42.76%	43.84%	46.58%	44.07%	42.42%		-1.81%	<-IRR #YR->	10	5 yr Running Average	-21.02%	US$
5 year Running Average	40.64%	41.90%	43.50%	45.00%	45.30%	45.95%	46.27%	45.95%	45.23%	45.23%	45.62%	44.86%	44.53%	45.19%	45.36%	43.94%		6.87%	<-IRR #YR->	5	5 yr Running Average	9.97%	US$
Price/AEPS Median	12.93	12.56	13.21	15.04	15.31	15.90	16.36	17.50	16.33	15.68	16.72	16.97	16.95	16.15	0.00	0.00		16.35	<-Median->	5	Price/AEPS Median		US$
Price/AEPS High	13.87	13.58	14.22	17.26	17.07	17.16	18.55	19.67	18.07	16.87	19.60	18.31	18.33	17.86	0.00	0.00		18.19	<-Median->	5	Price/AEPS High		US$
Price/AEPS Low	11.98	11.53	12.20	12.83	13.56	14.63	14.16	15.32	14.60	14.48	13.84	15.62	15.58	14.43	0.00	0.00		14.54	<-Median->	5	Price/AEPS Low		US$
Price/AEPS Close	13.01	13.12	13.75	16.59	16.36	16.57	17.04	19.14	15.78	16.81	19.60	17.46	17.40	14.99	14.01	13.48		16.92	<-Median->	5	Price/AEPS Close		US$
Trailing P/AEPS Close	13.38	13.78	14.02	17.96	18.94	16.08	18.58	20.67	17.68	17.83	18.13	21.30	18.03	14.91	14.99	14.01		18.08	<-Median->	5	Trailing P/AEPS Close		US$
Earnings before provision for Taxes on income.		DPR	10 Yrs	44.66%	5 Yrs	43.28%	P/CF	5 Yrs	in order	16.72	18.31	14.60	17.40		-18.12%	Diff M/C		-18.12%	Diff Med/Curr
In annoucement of 4th quarterly			-$5.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.15
results. Press Release								-$7.30	$0.00	$0.00	$0.00	$0.00	$10.15
			-$4.81	$0.00	$0.00	-$5.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.97
								-$6.43	$0.00	$0.00	$0.00	$0.00	$8.97
														$6.10	<-12 mths	-9.36%
pre-split 2001
EPS Basic	$4.78	$3.49	$3.86	$4.92	$5.80	$5.56	$6.04	$0.48	$5.70	$5.72	$5.59	$7.93	$6.83					76.94%	<-Total Growth	10	EPS Basic		US$
pre-split 1997
pre-split 2001
EPS Diluted*	$4.78	$3.49	$3.86	$4.81	$5.70	$5.48	$5.93	$0.47	$5.61	$5.63	$5.51	$7.81	$6.73	$6.73	$8.63	$9.63		74.35%	<-Total Growth	10	EPS Diluted		US$
Increase	8.64%	-26.99%	10.60%	24.61%	18.50%	-3.86%	8.21%	-92.07%	1093.62%	0.36%	-2.13%	41.74%	-13.83%	0.00%	28.23%	11.59%		10	0	10	Years of Data, EPS P or N		US$
Earnings Yield	7.7%	5.3%	5.5%	5.3%	5.5%	5.3%	5.1%	0.3%	4.3%	3.9%	3.5%	4.6%	3.8%	4.4%	5.7%	6.4%		5.72%	<-IRR #YR->	10	Earnings per Share	74.35%	US$
5 year Running Average	$4.22	$4.17	$4.22	$4.27	$4.53	$4.67	$5.16	$4.48	$4.64	$4.62	$4.63	$5.01	$6.26	$6.48	$7.08	$7.91		70.29%	<-IRR #YR->	5	Earnings per Share	1331.91%	US$
10 year Running Average	$3.38	$3.55	$3.72	$3.96	$4.24	$4.45	$4.67	$4.35	$4.45	$4.58	$4.65	$5.08	$5.37	$5.56	$5.85	$6.27		4.02%	<-IRR #YR->	10	5 yr Running Average	48.29%	US$
* Diluted ESP per share									E/P	10 Yrs	4.46%	5Yrs	3.86%					6.92%	<-IRR #YR->	5	5 yr Running Average	39.75%	US$
			-$3.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.73
								-$0.47	$0.00	$0.00	$0.00	$0.00	$6.73
			-$4.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.26
								-$4.48	$0.00	$0.00	$0.00	$0.00	$6.26
Dividend*														$4.73	$4.89	$5.14			Estimates		Dividend*
Increase														6.29%	3.38%	5.11%			Estimates		Increase
Payout Ratio EPS														70.28%	56.66%	53.37%			Estimates		Payout Ratio EPS
Special Dividends US$	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends		US$
pre-split 1997																							US$
pre-split 2001																							US$
Dividend*	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$4.45	$4.70	$4.76	$4.76		85.42%	<-Total Growth	10	Dividends		US$
Increase	9.33%	6.64%	6.67%	7.92%	6.56%	6.88%	6.78%	5.40%	6.63%	5.93%	6.13%	5.28%	6.21%	5.62%	1.28%	0.00%		34	0	34	Years of data, Count P, N	100.00%	US$
Average Increases 5 Year Running	10.62%	9.13%	8.19%	7.61%	7.42%	6.93%	6.96%	6.71%	6.45%	6.32%	6.17%	5.87%	6.03%	5.83%	4.90%	3.68%		6.58%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.78	$1.94	$2.10	$2.26	$2.42	$2.59	$2.77	$2.95	$3.14	$3.34	$3.55	$3.76	$3.98	$4.21	$4.42	$4.57		89.89%	<-Total Growth	10	Dividends 5 Yr Running		US$
Yield H/L Price	3.43%	3.58%	3.56%	3.12%	2.82%	2.99%	2.85%	2.60%	2.65%	2.76%	2.96%	2.52%	2.59%	2.88%				2.79%	<-Median->	10	Yield H/L Price		US$
Yield on High  Price	3.20%	3.31%	3.31%	2.72%	2.53%	2.77%	2.51%	2.31%	2.39%	2.56%	2.53%	2.33%	2.39%	2.61%				2.52%	<-Median->	10	Yield on High  Price		US$
Yield on Low Price	3.70%	3.90%	3.86%	3.66%	3.19%	3.25%	3.29%	2.97%	2.96%	2.98%	3.58%	2.74%	2.81%	3.23%				3.08%	<-Median->	10	Yield on Low Price		US$
Yield on Close Price	3.41%	3.43%	3.42%	2.83%	2.64%	2.87%	2.73%	2.38%	2.74%	2.57%	2.53%	2.45%	2.52%	3.11%	3.15%	3.15%		2.61%	<-Median->	10	Yield on Close Price		US$
Payout Ratio EPS	44.14%	64.47%	62.18%	53.85%	48.42%	53.83%	53.12%	706.38%	63.10%	66.61%	72.23%	53.65%	66.12%	69.84%	55.16%	49.43%		39.28%	<-Median->	35	DPR EPS		US$
DPR EPS 5 Yr Running	42.21%	46.50%	49.69%	52.86%	53.49%	55.48%	53.72%	65.97%	67.79%	72.28%	76.63%	75.03%	63.63%	65.01%	62.36%	57.83%		39.94%	<-Median->	31	DPR EPS 5 Yr Running		US$
Payout Ratio CFPS	35.26%	42.87%	43.31%	41.95%	41.59%	42.16%	44.22%	42.30%	42.45%	42.16%	44.52%	47.05%	54.88%	46.08%	45.77%	42.50%		31.38%	<-Median->	32	DPR CF		US$
DPR CF 5 Yr Running	32.25%	34.71%	37.21%	38.96%	40.93%	42.32%	42.65%	42.47%	42.55%	42.62%	43.11%	43.75%	46.10%	39.75%	41.66%	43.13%		31.47%	<-Median->	28	DPR CF 5 Yr Running		US$
Payout Ratio CFPS WC	33.48%	48.46%	38.40%	39.80%	39.32%	45.31%	40.50%	90.74%	42.46%	50.49%	50.26%	39.84%	46.14%	46.08%	45.77%	42.50%		34.29%	<-Median->	26	DPR CF WC		US$
DPR CF WC 5 Yr Running	32.83%	35.67%	36.61%	38.60%	39.42%	41.87%	40.66%	46.93%	47.20%	49.57%	50.51%	49.61%	45.41%	46.10%	45.36%	43.99%		36.14%	<-Median->	22	DPR CF WC 5 Yr Running		US$
Median Values	10 Yr Med	10 Yr Cl	2.79%	2.61%	5 Yr Med	5 Yr Cl	2.65%	2.53%	5 Yr Med	Payout	66.12%	44.52%	46.14%					6.03%	<-IRR #YR->	5	Dividends	34.04%	US$
* Dividends per share	10 Yr Med	and Cur.	12.84%	20.77%	5 Yr Med	and Cur.	18.76%	24.41%	Last Div Inc --->		$1.13	$1.19	5.31%					6.37%	<-IRR #YR->	10	Dividends	85.42%	US$
Dividends Growth 15																		6.97%	<-IRR #YR->	15	Dividends	174.69%	US$
Dividends Growth 20																		8.99%	<-IRR #YR->	20	Dividends	459.75%	US$
Dividends Growth 25																		9.85%	<-IRR #YR->	25	Dividends	947.06%	US$
Dividends Growth 30																		10.50%	<-IRR #YR->	30	Dividends	1662.38%	US$
Dividends Growth 35																		11.21%	<-IRR #YR->	34	Dividends
Dividends Growth 5								-$3.32	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 5
Dividends Growth 10			-$2.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								Dividends Growth 35
Historical Dividends	Historical	High Div	3.76%	Low Div	1.16%	10 Yr High	3.65%	10 Yr Low	2.32%	Med Div	2.44%	Close Div	2.25%								Historical Dividends		US$
High/Ave/Median Values	Curr diff	Exp.	-16.32%		171.23%	Exp.	-13.80%	Cheap	35.62%	Cheap	28.95%	Cheap	39.79%								High/Ave/Median		US$
Future Dividend Yield					Div Yd	4.22%	earning in	5	Years	at IRR of	6.03%	Div Inc.	34.04%								Future Dividend Yield		US$
Future Dividend Yield					Div Yd	5.65%	earning in	10	Years	at IRR of	6.03%	Div Inc.	79.66%								Future Dividend Yield		US$
Future Dividend Yield					Div Yd	7.58%	earning in	15	Years	at IRR of	6.03%	Div Inc.	140.81%								Future Dividend Yield		US$
Future Dividend Paid					Div Paid	$6.38	earning in	5	Years	at IRR of	6.03%	Div Inc.	34.04%								Future Dividend Paid		US$
Future Dividend Paid					Div Paid	$8.55	earning in	10	Years	at IRR of	6.03%	Div Inc.	79.66%								Future Dividend Paid		US$
Future Dividend Paid					Div Paid	$11.46	earning in	15	Years	at IRR of	6.03%	Div Inc.	140.81%								Future Dividend Paid		US$
Dividend Covering Cost					Total Div	$26.85	over	5	Years	at IRR of	6.03%	Div Cov.	17.75%								Dividend Covering Cost		US$
Dividend Covering Cost					Total Div	$56.46	over	10	Years	at IRR of	6.03%	Div Cov.	37.32%								Dividend Covering Cost		US$
Dividend Covering Cost					Total Div	$96.15	over	15	Years	at IRR of	6.03%	Div Cov.	63.55%								Dividend Covering Cost		US$
Yield if held 5 years	3.26%	3.56%	3.74%	4.08%	4.95%	4.79%	5.02%	4.93%	4.26%	3.83%	4.04%	3.79%	3.48%	3.52%	3.50%	3.55%		4.17%	<-Median->	10	Dividends		US$
Yield if held 10 years	4.90%	4.45%	4.49%	4.84%	4.86%	4.55%	4.99%	5.17%	5.57%	6.72%	6.47%	6.67%	6.61%	5.66%	4.86%	4.83%		5.37%	<-Median->	10	Dividends		US$
Yield if held 15 years	11.56%	9.41%	8.28%	6.77%	5.97%	6.86%	6.22%	6.21%	6.61%	6.61%	6.14%	6.63%	6.93%	7.40%	8.53%	7.74%		6.61%	<-Median->	10	Dividends		US$
Yield if held 20 years	27.31%	19.88%	18.87%	23.35%	23.87%	16.16%	13.18%	11.45%	9.25%	8.12%	9.25%	8.28%	8.32%	8.77%	8.39%	7.35%		10.35%	<-Median->	10	Dividends		US$
Yield if held 25 years				53.30%	43.77%	38.18%	27.83%	26.10%	31.91%	32.43%	21.81%	17.53%	15.35%	12.28%	10.30%	11.06%		29.87%	<-Median->	10	Dividends		US$
Yield if held 30 years									72.85%	59.48%	51.51%	37.01%	34.99%	42.37%	41.17%	26.08%		51.51%	<-Median->	5	Dividends
Yield if held 35 years														96.72%	75.50%	61.61%		#NUM!	<-Median->	0	Dividends		US$
Cost covered if held 5 years	13.76%	15.36%	16.32%	17.76%	21.71%	21.05%	22.06%	21.93%	18.93%	17.08%	18.00%	16.98%	15.59%	15.77%	16.23%	17.03%		18.46%	<-Median->	10	Dividends		US$
Cost covered if held 10 years	31.85%	30.13%	31.53%	34.57%	35.57%	33.75%	37.28%	39.32%	42.51%	51.67%	49.88%	51.97%	51.48%	44.30%	39.64%	41.19%		40.91%	<-Median->	10	Dividends		US$
Cost covered if held 15 years	88.45%	75.40%	69.00%	57.74%	52.63%	61.95%	57.50%	59.16%	63.92%	65.01%	61.13%	67.01%	70.31%	75.68%	91.25%	87.04%		61.54%	<-Median->	10	Dividends		US$
Cost covered if held 20 years	225.36%	171.99%	170.20%	216.20%	228.86%	159.41%	133.33%	119.96%	98.81%	88.80%	103.18%	94.61%	96.41%	103.26%	103.92%	96.43%		111.57%	<-Median->	10	Dividends		US$
Cost covered if held 25 years				513.58%	437.38%	392.97%	294.34%	286.33%	357.90%	373.38%	256.61%	211.89%	188.65%	153.85%	136.58%	156.32%		326.12%	<-Median->	10	Dividends		US$
Cost covered if held 30 years									837.08%	702.41%	622.58%	460.24%	442.87%	547.83%	564.34%	381.87%		622.58%	<-Median->	5	Dividends		US$
Cost covered if held 35 years														1270.68%	1052.61%	918.45%		#NUM!	<-Median->	0	Dividends		US$
																				Yr	Item	Tot. Growth	Per Year
Revenue Growth								$76,450	$81,581	$82,059	$82,584	$93,775	$94,943	$97,773	<-12 mths	2.98%		24.19%	<-Total Growth	5	Revenue Growth	24.19%	4.43%
AEPS Growth								$7.30	$8.18	$8.68	$8.03	$9.80	$10.15	$10.88	<-12 mths	7.19%		39.04%	<-Total Growth	5	AEPS Growth	39.04%	6.81%
Net Income Growth								$1,300	$15,297	$15,119	$14,714	$20,878	$17,941	$13,054	<-12 mths	-27.24%		1280.08%	<-Total Growth	5	Net Income Growth	1280.08%	69.04%
Cash Flow Growth								$21,056	$22,201	$23,416	$23,536	$23,410	$21,194	$12,789	<-12 mths	-39.66%		0.66%	<-Total Growth	5	Cash Flow Growth	0.66%	0.13%
Dividend Growth								$3.32	$3.54	$3.75	$3.98	$4.19	$4.45	$4.70	<-12 mths	5.62%		34.04%	<-Total Growth	5	Dividend Growth	34.04%	6.03%
Stock Price Growth								$139.72	$129.05	$145.87	$157.38	$171.07	$176.65	$151.29	<-12 mths	-14.36%		26.43%	<-Total Growth	5	Stock Price Growth	26.43%	4.80%
Revenue Growth			$67,224	$71,312	$74,331	$70,074	$71,890	$76,450	$81,581	$82,059	$82,584	$93,775	$94,943	$97,773	<-12 mths	2.98%		41.23%	<-Total Growth	10	Revenue Growth	41.23%	3.51%
AEPS Growth			$5.10	$5.52	$6.39	$6.20	$6.76	$7.30	$8.18	$8.68	$8.03	$9.80	$10.15	$10.88	<-12 mths	7.19%		99.02%	<-Total Growth	10	AEPS Growth	99.02%	7.12%
Net Income Growth			$10,514	$13,831	$16,323	$15,409	$16,540	$1,300	$15,297	$15,119	$14,714	$20,878	$17,941	$13,054	<-12 mths	-27.24%		70.64%	<-Total Growth	10	Net Income Growth	70.64%	5.49%
Cash Flow Growth			$15,396	$17,414	$18,471	$19,279	$19,279	$21,056	$22,201	$23,416	$23,536	$23,410	$21,194	$12,789	<-12 mths	-39.66%		37.66%	<-Total Growth	10	Cash Flow Growth	37.66%	3.25%
Dividend Growth			$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$4.45	$4.7	<-12 mths	5.62%		85.42%	<-Total Growth	10	Dividend Growth	85.42%	6.37%
Stock Price Growth			$70.10	$91.59	$104.57	$102.72	$115.21	$139.72	$129.05	$145.87	$157.38	$171.07	$176.65	$151.29	<-12 mths	-14.36%		152.00%	<-Total Growth	10	Stock Price Growth	152.00%	9.68%
Dividends on Shares				$38.85	$41.40	$44.25	$47.25	$49.80	$53.10	$56.25	$59.70	$62.85	$66.75	$70.50	$71.40	$71.40		$520.20	No of Years	10	Total Divs	12/31/12
Paid			$1,051.50	$1,373.85	$1,568.55	$1,540.80	$1,728.15	$2,095.80	$1,935.75	$2,188.05	$2,360.70	$2,566.05	$2,649.75	$2,269.35	$2,269.35	$2,269.35		$2,649.75	No of Years	10	Worth	$70.10	14.27
Total																		$3,169.95
Graham No.	$47.14	$40.56	$45.01	$53.30	$56.69	$56.43	$58.92	$15.40	$53.23	$53.50	$54.59	$70.34	$66.71	$66.73	$75.57	$79.83		48.19%	<-Total Growth	10	Graham Number		US$
Price/GP Ratio Med	1.31	1.55	1.50	1.56	1.73	1.75	1.88	8.29	2.51	2.54	2.46	2.36	2.58	2.44				2.41	<-Median->	10	Price/GP Ratio		US$
Price/GP Ratio High	1.40	1.67	1.61	1.79	1.92	1.89	2.13	9.33	2.78	2.74	2.88	2.55	2.79	2.70				2.64	<-Median->	10	Price/GP Ratio		US$
Price/GP Ratio Low	1.21	1.42	1.38	1.33	1.53	1.61	1.63	7.26	2.24	2.35	2.04	2.18	2.37	2.18				2.11	<-Median->	10	Price/GP Ratio		US$
Price/GP Ratio Close	1.31	1.62	1.56	1.72	1.84	1.82	1.96	9.07	2.42	2.73	2.88	2.43	2.65	2.27	2.00	1.90		2.43	<-Median->	10	Price/GP Ratio		US$
Prem/Disc Close	31.39%	61.67%	55.73%	71.82%	84.45%	82.04%	95.54%	807.27%	142.46%	172.68%	188.30%	143.20%	164.81%	126.71%	100.20%	89.52%		142.83%	<-Median->	10	Graham Price
Dividend Cdn$ *														$6.55	$6.78	$7.12			Estimates		Dividend Cdn$ *
Increase														8.75%	3.38%	5.11%			Estimates		Increase
Payout Ratio EPS														70.28%	56.66%	53.37%			Estimates		Payout Ratio EPS
Special Dividend Cdn$ *	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Special Dividends		CDN$
Dividend Cdn$ *	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$6.03	$6.51	$6.60	$6.60		151.93%	<-Total Growth	10	Dividends		CDN$
Increase	3.80%	9.24%	4.11%	15.15%	16.23%	27.58%	3.54%	-1.53%	15.95%	0.85%	6.13%	2.76%	13.46%	8.06%	1.28%	0.00%		9.80%	<-Median->	10	Dividends		CDN$
Yield	3.41%	3.43%	3.42%	2.83%	2.64%	2.87%	2.73%	2.38%	2.74%	2.57%	2.53%	2.45%	2.52%	3.11%	3.15%	3.15%		7.67%	<-IRR #YR->	5	Dividends	44.71%	CDN$
Median Values		10 Yr Med	10 Yr Cl	2.61%		5 Yr M	Yield	2.53%										9.68%	<-IRR #YR->	10	Dividends	151.93%	CDN$
* Dividends per share		10 Yr Med	and Cur.	-51.00%		5 Yr Med	and Cur.	-49.52%			$1.13	119.0%	5.3%					9.24%	<-IRR #YR->	14	Dividends	196.43%	CDN$
Dividends Growth 20																		8.16%	<-IRR #YR->	20	Dividends	379.95%	CDN$
Dividends Growth 25																		10.47%	<-IRR #YR->	25	Dividends	894.00%	CDN$
Dividends Growth 30																		9.62%	<-IRR #YR->	30	Dividends		CDN$
Dividends Growth 35																		11.73%	<-IRR #YR->	34	Dividends		CDN$
Dividends Growth 5								-$4.16	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 5		CDN$
Dividends Growth 10			-$2.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 10		CDN$
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 15		CDN$
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 20		CDN$
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 25		CDN$
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 30		CDN$
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.03								Dividends Growth 35		CDN$
Close Cdn$	$61.75	$66.98	$69.88	$97.42	$121.31	$142.24	$154.69	$175.28	$176.05	$189.46	$204.41	$216.88	$239.25	$209.64	$209.64	$209.64		6.42%	<-IRR #YR->	5	Stock Price	36.50%	CDN$
5 yr Period ending	12/31/10	12/31/11	12/31/12	01/11/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25		13.10%	<-IRR #YR->	10	Stock Price	242.39%	CDN$
5 year IRR	0.45%	0.07%	4.45%	8.67%	15.35%	21.52%	21.71%	23.84%	15.88%	12.39%	10.35%	9.74%	9.06%					13.33%	<-Median->	30	5 year IRR		CDN$
																		9.06%	<-IRR #YR->	5	Price & Dividend	52.41%	CDN$
As a Canadian, would I have made money on this stock? Looking at 5 year periods to, including Dividends		D.  per yr	3.67%	2.63%	% Tot Ret	21.89%	29.09%											16.77%	<-IRR #YR->	10	Price & Dividend	311.66%	CDN$
Price 15		D.  per yr	2.90%		% Tot Ret	24.40%												8.98%	<-IRR #YR->	15	Stock Price	263.02%	CDN$
Price  20		D.  per yr	2.02%		% Tot Ret	27.31%												5.38%	<-IRR #YR->	20	Stock Price	185.19%	CDN$
Price  25		D.  per yr	2.19%		% Tot Ret	24.41%												6.79%	<-IRR #YR->	25	Stock Price	416.99%	CDN$
Price  30		D.  per yr	2.45%		% Tot Ret	22.78%												8.32%	<-IRR #YR->	30	Stock Price	1000.52%	CDN$
Price  35		D.  per yr	3.81%		% Tot Ret	25.13%												11.36%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		11.87%	<-IRR #YR->	15	Price & Dividend	347.48%	CDN$
Price & Dividend 20																		7.40%	<-IRR #YR->	20	Price & Dividend	260.24%	CDN$
Price & Dividend 25																		8.99%	<-IRR #YR->	25	Price & Dividend	563.54%	CDN$
Price & Dividend 30																		10.78%	<-IRR #YR->	30	Price & Dividend	1324.69%	CDN$
Price & Dividend 35																		15.18%	<-IRR #YR->	34	Price & Dividend
Price  5								-$175.28	$0.00	$0.00	$0.00	$0.00	$239.25								Price  5
Price 10			-$69.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$239.25								Price 10
Price & Dividend 5								-$175.28	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 5
Price & Dividend 10			-$69.88	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$239.25								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$239.25								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$239.25								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$239.25								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$239.25								Price  35
Price & Dividend 15	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 15
Price & Dividend 20	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 20
Price & Dividend 25	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 25
Price & Dividend 30	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 30
Price & Dividend 35	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31	$245.28								Price & Dividend 35
5 year IRR	-$69.90	-$76.97	-$65.91	-$73.27	-$67.64	-$61.75	-$66.98	-$69.88	-$97.42	-$121.31	-$142.24	-$154.69	-$175.28								5 year IRR
5 year IRR	$1.70	$1.60	$2.20	$2.03	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83								5 year IRR
5 year IRR	$1.60	$2.20	$2.03	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87								5 year IRR
5 year IRR	$2.20	$2.03	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17								5 year IRR
5 year IRR	$2.03	$2.10	$2.30	$2.39	$2.75	$3.20	$4.08	$4.23	$4.16	$4.83	$4.87	$5.17	$5.31								5 year IRR
5 year IRR	$63.89	$69.31	$72.30	$100.20	$124.54	$146.35	$158.95	$179.47	$180.91	$194.35	$209.60	$222.22	$245.31								5 year IRR
Close US$
5 yr Period ending	12/31/10	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22						Date		5 yr Period ending		US$
5 year IRR	3.52%	2.79%	4.07%	12.04%	13.27%	14.06%	15.30%	18.01%	10.08%	9.67%	11.82%	11.01%	7.39%					11.93%	<-Median->	10	5 year IRR		US$
Median Div Yield Beg. of period	2.12%	2.20%	2.43%	3.00%	3.00%	3.41%	3.43%	3.42%	2.83%	2.64%	2.87%	2.73%	2.38%					2.93%	<-Median->	10	Median Div Yield Beg. of period		US$
P/S Beginning of period	3.71	3.59	3.12	2.61	2.87	2.75	2.75	2.90	3.62	3.92	4.04	4.34	4.90					3.26	<-Median->	10	P/S Beginning of period		US$
P/E Beginning of Period	17.37	17.71	18.37	13.10	14.64	12.96	18.79	18.16	19.04	18.35	18.74	19.43	297.28					18.55	<-Median->	10	P/E Beginning of Period		US$
	-$60.10	-$66.06	-$66.70	-$59.86	-$64.41	-$61.94	-$65.58	-$70.10	-$91.59	-$104.57	-$102.72	-$115.21	-$139.72
	$1.46	$1.62	$1.80	$1.93	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54
	$1.62	$1.80	$1.93	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75
	$1.80	$1.93	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98
	$1.93	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19
	$64.05	$67.83	$72.50	$94.18	$107.33	$105.67	$118.36	$143.04	$132.59	$149.62	$161.36	$175.26	$181.10
Month, Year	Dec-10	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25		34.00	<Count Years>		Month, Year		US$
pre-split 1989
pre-split 1992
pre-split 1996
pre-split 2001
Price Close US$	$61.94	$65.58	$70.10	$91.59	$104.57	$102.72	$115.21	$139.72	$129.05	$145.87	$157.38	$171.07	$176.65	$151.29	$151.29	$151.29		152.00%	<-Total Growth	10	Stock Price		US$
Increase	-3.83%	5.88%	6.89%	30.66%	14.17%	-1.77%	12.16%	21.27%	-7.64%	13.03%	7.89%	8.70%	3.26%	-14.36%	0.00%	0.00%		20.68	<-Median->	10	CAPE (10 Yr P/E)		US$
P/E	12.96	18.79	18.16	19.04	18.35	18.74	19.43	297.28	23.00	25.91	28.56	21.90	26.25	22.48	17.53	15.71		4.80%	<-IRR #YR->	5	Stock Price	26.43%	US$
Trailing P/E	14.08	13.72	20.09	23.73	21.74	18.02	21.02	23.56	274.57	26.00	27.95	31.05	22.62	22.48	22.48	17.53		9.68%	<-IRR #YR->	10	Stock Price	152.00%	US$
CAPE (10 Yr P/E)	17.93	17.25	16.92	16.93	16.75	16.95	17.21	20.14	21.22	22.43	24.13	24.15	24.85	25.06	24.61	23.75		7.39%	<-IRR #YR->	5	Price & Dividend	26.57%	US$
Median 10, 5 Yrs		D.  per yr	3.26%	2.59%	% Tot Ret	25.16%	35.00%	T P/E	23.64	27.95	P/E:	22.45	25.91					12.94%	<-IRR #YR->	10	Price & Dividend	152.61%	US$
Price 15		D.  per yr	2.76%		% Tot Ret	29.15%		Year	Start.P/E	Tot Ret		CAPE Diff	8.72%					6.71%	<-IRR #YR->	15	Stock Price	164.84%	US$
Price  20		D.  per yr	2.49%		% Tot Ret	28.64%												6.19%	<-IRR #YR->	20	Stock Price	232.61%	US$
Price  25		D.  per yr	2.45%		% Tot Ret	25.86%												7.01%	<-IRR #YR->	25	Stock Price	444.59%	US$
Price  30		D.  per yr	2.96%		% Tot Ret	24.38%												9.19%	<-IRR #YR->	30	Stock Price	1299.21%	US$
Price  35		D.  per yr	3.64%		% Tot Ret	25.13%												10.85%	<-IRR #YR->	34	Stock Price		US$
Price & Dividend 15																		9.47%	<-IRR #YR->	15	Price & Dividend	232.56%	US$
Price & Dividend 20																		8.68%	<-IRR #YR->	20	Price & Dividend	329.65%	US$
Price & Dividend 25																		9.46%	<-IRR #YR->	25	Price & Dividend	613.16%	US$
Price & Dividend 30																		12.16%	<-IRR #YR->	30	Price & Dividend	1747.12%	US$
Price & Dividend 35																		14.49%	<-IRR #YR->	34	Price & Dividend		US$
Price  5								-$139.72	$0.00	$0.00	$0.00	$0.00	$176.65								Price  5
Price 10			-$70.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$176.65								Price 10
Price & Dividend 5								-$139.72	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 5
Price & Dividend 10			-$70.10	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$176.65								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$176.65								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$176.65								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$176.65								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$176.65								Price  35
Price & Dividend 15	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 15
Price & Dividend 20	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 20
Price & Dividend 25	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 25
Price & Dividend 30	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 30
Price & Dividend 35	$2.11	$2.25	$2.40	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$181.10								Price & Dividend 35
Price Med H/L	$61.53	$62.79	$67.37	$83.05	$97.85	$98.56	$110.58	$127.73	$133.62	$136.08	$134.26	$166.27	$172.08	$162.93				155.44%	<-Total Growth	10	Stock Price		US$
Increase	10.30%	2.06%	7.29%	23.28%	17.82%	0.73%	12.19%	15.51%	4.61%	1.84%	-1.34%	23.84%	3.49%	-5.32%				9.83%	<-IRR #YR->	10	Stock Price	155.44%	US$
P/E	12.87	17.99	17.45	17.27	17.17	17.99	18.65	271.77	23.82	24.17	24.37	21.29	25.57	24.21				6.14%	<-IRR #YR->	5	Stock Price	34.72%	US$
Trailing P/E	13.98	13.14	19.30	21.51	20.34	17.29	20.18	21.54	284.30	24.26	23.85	30.18	22.03	24.21				13.20%	<-IRR #YR->	10	Price & Dividend		US$
P/E on Run. 5 yr Ave	14.57	15.04	15.96	19.46	21.61	21.11	21.45	28.52	28.81	29.43	29.00	33.21	27.50	25.13				8.90%	<-IRR #YR->	5	Price & Dividend		US$
P/E on Run. 10 yr Ave	18.20	17.71	18.13	20.99	23.06	22.17	23.70	29.37	30.01	29.74	28.88	32.72	32.06	29.30				19.62	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs		D.  per yr	3.37%	2.76%	% Tot Ret	25.53%	31.00%	T P/E	21.79	24.26	P/E:	22.55	24.17
			-$67.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$172.08
								-$127.73	$0.00	$0.00	$0.00	$0.00	$172.08
			-$67.37	$2.59	$2.76	$2.95	$3.15	$3.32	$3.54	$3.75	$3.98	$4.19	$176.53
								-$127.73	$3.54	$3.75	$3.98	$4.19	$176.53
High Months	Apr	Jul	Oct	Aug	Nov	Jan	Aug	Oct	Dec	Dec	Dec	Aug	Apr	Jan
pre-split 1989
pre-split 1992
pre-split 1996
pre-split 2001
Price High	$66.03	$67.92	$72.52	$95.25	$109.07	$106.39	$125.40	$143.62	$147.84	$146.44	$157.38	$179.47	$186.01	$180.25				156.49%	<-Total Growth	10	Stock Price		US$
Increase	1.65%	2.86%	6.77%	31.34%	14.51%	-2.46%	17.87%	14.53%	2.94%	-0.95%	7.47%	14.04%	3.64%	-3.10%				9.88%	<-IRR #YR->	10	Stock Price	156.49%	US$
P/E	13.81	19.46	18.79	19.80	19.14	19.41	21.15	305.57	26.35	26.01	28.56	22.98	27.64	26.78				5.31%	<-IRR #YR->	5	Stock Price	29.52%	US$
Trailing P/E	15.01	14.21	20.78	24.68	22.68	18.66	22.88	24.22	314.55	26.10	27.95	32.57	23.82	26.78				22.62	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	24.45	27.95	P/E:	24.50	26.35					30.16	P/E Ratio		Historical High		US$
			-$72.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$186.01
								-$143.62	$0.00	$0.00	$0.00	$0.00	$186.01
Low Months	Jul	Mar	Jun	Jan	Feb	Aug	Jan	Jan	May	Jan	Mar	Mar	Feb	Oct
pre-split 1989
pre-split 1992
pre-split 1996
pre-split 2001
Price Low	$57.02	$57.66	$62.21	$70.84	$86.62	$90.73	$95.75	$111.84	$119.40	$125.72	$111.14	$153.07	$158.14	$145.60				154.20%	<-Total Growth	10	Stock Price		US$
Increase	22.36%	1.12%	7.89%	13.87%	22.28%	4.74%	5.53%	16.80%	6.76%	5.29%	-11.60%	37.73%	3.31%	-7.93%				9.78%	<-IRR #YR->	10	Stock Price	154.20%	US$
P/E	11.93	16.52	16.12	14.73	15.20	16.56	16.15	237.96	21.28	22.33	20.17	19.60	23.50	21.63				7.17%	<-IRR #YR->	5	Stock Price	41.40%	US$
Trailing P/E	12.96	12.06	17.83	18.35	18.01	15.92	17.47	18.86	254.04	22.41	19.74	27.78	20.25	21.63				16.56	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	19.30	22.41	P/E:	19.88	21.28					14.09	P/E Ratio		Historical Low		US$
			-$62.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$158.14
								-$111.84	$0.00	$0.00	$0.00	$0.00	$158.14
														$17,375	<-12 mths	1.11%
Free Cash Flow WSJ	$14,000	$11,000	$12,000	$14,000	$14,757	$15,816	$15,541	$17,777	$18,531	$19,918	$20,189	$19,758	$17,185	$19,751	$11,676	$23,228		43.21%	<-Total Growth	10	Free Cash Flow		US$
Change		-21.43%	9.09%	16.67%	5.41%	7.18%	-1.74%	14.39%	4.24%	7.48%	1.36%	-2.13%	-13.02%	14.93%	-40.88%	98.94%		-0.68%	<-IRR #YR->	5	Free Cash Flow MS	-3.33%	US$
FCF/CF from Op Ratio	0.85	0.77	0.78	0.80	0.80	0.82	0.81	0.84	0.83	0.85	0.86	0.84	0.81	0.75	0.43	0.80		3.66%	<-IRR #YR->	10	Free Cash Flow MS	43.21%	US$
Dividends paid		$6,129	$6,668	$7,305	$7,768	$8,173	$8,621	$8,943	$9,494	$9,917	$10,481	$11,032	$11,682	$12,211	$12,367	$12,367		75.19%	<-Total Growth	10	Dividends paid		US$
Percentage paid						51.68%	55.47%	50.31%	51.23%	49.79%	51.91%	55.84%	67.98%	61.83%	105.92%	53.24%		$0.52	<-Median->	8	Percentage paid		US$
5 Year Coverage										51.55%	51.61%	51.85%	55.04%	57.15%	65.24%	65.13%					5 Year Coverage		US$
Dividend Coverage Ratio						1.94	1.80	1.99	1.95	2.01	1.93	1.79	1.47	1.62	0.94	1.88		1.93	<-Median->	8	Dividend Coverage Ratio		US$
5 Year of Coverage										1.94	1.94	1.93	1.82	1.75	1.53	1.54					5 Year of Coverage		US$
								-$17,777	$0	$0	$0	$0	$17,185
			-$12,000	$0	$0	$0	$0	$0	$0	$0	$0	$0	$17,185
Market Cap US$	$169,592	$178,640	$194,772	$258,341	$291,042	$283,010	$311,817	$374,802	$343,573	$384,004	$414,304	$449,737	$461,692	$393,073	$393,073	$393,073		137.04%	<-Total Growth	10	Market Cap		US$
Market Cap CDN$	$169,084	$182,450	$194,155	$274,772	$337,637	$391,896	$418,677	$470,190	$468,702	$498,744	$538,098	$570,177	$625,316	$544,681	$544,681	$544,681		222.07%	<-Total Growth	10	Market Cap		CDN$
pre-split 2001
Diluted # of Shares in Million	2,788.8	2,775.3	2,812.6	2,877.0	2,863.9	2,112.9	2,788.9	2,745.3	2,728.7	2,684.3	2,670.7	2,667.5	2,663.9	2,661.3				-5.29%	<-Total Growth	10	Diluted
Change	-0.01%	-0.48%	1.34%	2.29%	-0.46%	-26.22%	31.99%	-1.56%	-0.60%	-1.63%	-0.51%	-0.12%	-0.13%	-0.10%				-0.48%	<-Median->	10	Change
Difference Diluted/Basic	-1.3%	-1.4%	-2.1%	-2.4%	-1.7%	31.2%	-1.9%	-1.9%	-1.7%	-1.5%	-1.4%	-1.4%	-1.5%	-1.1%				-1.58%	<-Median->	10	Difference Diluted/Basic
pre-split 2001
Basic # of Shares in Millions	2,751.4	2,736.0	2,753.3	2,809.2	2,815.2	2,771.8	2,737.3	2,692.0	2,681.5	2,645.1	2,632.8	2,628.9	2,625.2	2,633.0				-4.65%	<-Total Growth	10	Basic
Change	-1.35%	-0.56%	0.63%	2.03%	0.21%	-1.54%	-1.24%	-1.65%	-0.39%	-1.36%	-0.47%	-0.15%	-0.14%	0.30%				-0.43%	<-Median->	10	Change
Difference Basic/Outstanding	-0.5%	-0.4%	0.9%	0.4%	-1.1%	-0.6%	-1.1%	-0.4%	-0.7%	-0.5%	0.0%	0.0%	-0.4%	-1.3%				-0.46%	<-Median->	10	Difference Basic/Outstanding
														$12,789	<-12 mths	-39.66%
Shares less Treasury shares						2,755.2	2,706.5	2,682.5	2,662.3	2,632.5	2,632.5	2,629.0	2,613.6
pre-split 1997
pre-split 2001	2,754.3	2,738.1
# of Share in Millions	2,738.0	2,724.0	2,778.5	2,820.6	2,783.2	2,755.2	2,706.5	2,682.5	2,662.3	2,632.5	2,632.5	2,629.0	2,613.6	2,598.1	2,598.1	2,598.1		-0.61%	<-IRR #YR->	10	Shares	-5.93%	Issued less
Change	-0.76%	-0.51%	2.00%	1.52%	-1.33%	-1.01%	-1.77%	-0.89%	-0.75%	-1.12%	0.00%	-0.13%	-0.58%	-0.59%	0.00%	0.00%		-0.52%	<-IRR #YR->	5	Shares	-2.57%	See TD
CF fr Op $M	$16,385	$14,298	$15,396	$17,414	$18,471	$19,279	$19,279	$21,056	$22,201	$23,416	$23,536	$23,410	$21,194	$26,501	$27,021	$29,099		37.66%	<-Total Growth	10	Cash Flow		US$
Increase	-1.12%	-12.74%	7.68%	13.11%	6.07%	4.37%	0.00%	9.22%	5.44%	5.47%	0.51%	-0.54%	-9.47%	25.04%	1.96%	7.69%		SO, S. Iss	Buy Backs				US$
5 year Running Average	$15,485	$15,495	$15,524	$16,013	$16,393	$16,972	$17,968	$19,100	$20,057	$21,046	$21,898	$22,724	$22,751	$23,611	$24,332	$25,445		46.55%	<-Total Growth	10	CF 5 Yr Running		US$
CFPS	$5.98	$5.25	$5.54	$6.17	$6.64	$7.00	$7.12	$7.85	$8.34	$8.89	$8.94	$8.90	$8.11	$10.20	$10.40	$11.20		46.34%	<-Total Growth	10	Cash Flow per Share		US$
Increase	-0.36%	-12.29%	5.57%	11.42%	7.50%	5.44%	1.80%	10.19%	6.24%	6.67%	0.51%	-0.40%	-8.93%	25.78%	1.96%	7.69%		3.25%	<-IRR #YR->	10	Cash Flow	37.66%	US$
5 year Running Average	$5.53	$5.59	$5.64	$5.79	$5.92	$6.12	$6.49	$6.96	$7.39	$7.84	$8.23	$8.59	$8.64	$10.60	$10.60	$10.60		0.13%	<-IRR #YR->	5	Cash Flow	0.66%	US$
P/CF on Med Price	10.28	11.96	12.16	13.45	14.74	14.09	15.52	16.27	16.02	15.30	15.02	18.67	21.22	15.97	0.00	0.00		3.88%	<-IRR #YR->	10	Cash Flow per Share	46.34%	US$
P/CF on Closing Price	10.35	12.49	12.65	14.84	15.76	14.68	16.17	17.80	15.48	16.40	17.60	19.21	21.78	14.83	14.55	13.51		0.65%	<-IRR #YR->	5	Cash Flow per Share	3.31%	US$
															106.79%	Diff M/C		4.36%	<-IRR #YR->	10	CFPS 5 yr Running	53.28%	US$
Excl.Working Capital CF	$870	-$1,651	$1,969	$941	$1,066	-$1,339	$1,773	-$11,241	-$3	-$3,865	-$2,690	$4,238	$4,011	$0	$0	$0		4.43%	<-IRR #YR->	5	CFPS 5 yr Running	24.17%	US$
CF fr Op $M WC	$17,255	$12,647	$17,365	$18,355	$19,537	$17,940	$21,052	$9,815	$22,198	$19,551	$20,846	$27,648	$25,205	$26,501	$27,021	$29,099		45.15%	<-Total Growth	10	Cash Flow less WC		US$
Increase	13.28%	-26.71%	37.31%	5.70%	6.44%	-8.17%	17.35%	-53.38%	126.16%	-11.92%	6.62%	32.63%	-8.84%	5.14%	1.96%	7.69%		3.80%	<-IRR #YR->	10	Cash Flow less WC	45.15%	US$
5 year Running Average	$15,195	$15,071	$15,786	$16,171	$17,032	$17,169	$18,850	$17,340	$18,108	$18,111	$18,692	$20,012	$23,090	$23,950	$25,444	$27,095		20.76%	<-IRR #YR->	5	Cash Flow less WC	156.80%	US$
CFPS Excl. WC	$6.30	$4.64	$6.25	$6.51	$7.02	$6.51	$7.78	$3.66	$8.34	$7.43	$7.92	$10.52	$9.64	$10.20	$10.40	$11.20		3.88%	<-IRR #YR->	10	CF less WC 5 Yr Run	46.27%	US$
Increase	14.15%	-26.33%	34.61%	4.12%	7.87%	-7.24%	19.46%	-52.96%	127.88%	-10.93%	6.62%	32.81%	-8.30%	5.77%	1.96%	7.69%		5.89%	<-IRR #YR->	5	CF less WC 5 Yr Run	33.16%	US$
5 year Running Average	$5.43	$5.44	$5.73	$5.84	$6.14	$6.19	$6.81	$6.30	$6.66	$6.74	$7.02	$7.57	$8.77	$9.14	$9.74	$10.39		4.43%	<-IRR #YR->	10	CFPS - Less WC	54.31%	US$
P/CF on Med Price	9.76	13.52	10.78	12.76	13.94	15.14	14.22	34.91	16.03	18.32	16.95	15.81	17.84	15.97	0.00	0.00		21.39%	<-IRR #YR->	5	CFPS - Less WC	163.57%	US$
P/CF on Closing Price	9.83	14.13	11.22	14.07	14.90	15.78	14.81	38.19	15.48	19.64	19.87	16.27	18.32	14.83	14.55	13.51		4.35%	<-IRR #YR->	10	CFPS 5 yr Running	53.10%	US$
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.17	5 yr	8.23	P/CF Med	10 yr	15.92	5 yr	16.95		-6.82%	Diff M/C		6.85%	<-IRR #YR->	5	CFPS 5 yr Running	39.29%	US$
From 2010, go o/s Shares
from TD, statement says shares			-2,778.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2,613.6								Shares		US$
in 2016 is 2.7B								-2,682.5	0.0	0.0	0.0	0.0	2,613.6								Shares		US$
which is shares issued less			-$15,396	$0	$0	$0	$0	$0	$0	$0	$0	$0	$21,194								Cash Flow		US$
Treasury stock.								-$21,056	$0	$0	$0	$0	$21,194								Cash Flow		US$
			-$5.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.11								Cash Flow per Share		US$
								-$7.85	$0.00	$0.00	$0.00	$0.00	$8.11								Cash Flow per Share		US$
			-$5.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.64								CFPS 5 yr Running		US$
								-$6.96	$0.00	$0.00	$0.00	$0.00	$8.64								CFPS 5 yr Running		US$
			-$17,365	$0	$0	$0	$0	$0	$0	$0	$0	$0	$25,205								Cash Flow less WC		US$
								-$9,815	$0	$0	$0	$0	$25,205								Cash Flow less WC		US$
			-$15,786	$0	$0	$0	$0	$0	$0	$0	$0	$0	$23,090								CF less WC 5 Yr Run		US$
								-$17,340	$0	$0	$0	$0	$23,090								CF less WC 5 Yr Run		US$
			-$6.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.64								CFPS - Less WC		US$
								-$3.66	$0.00	$0.00	$0.00	$0.00	$9.64								CFPS - Less WC		US$
			-$5.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.77								CFPS 5 yr Running		US$
								-$6.30	$0.00	$0.00	$0.00	$0.00	$8.77								CFPS 5 yr Running		US$
Increase in accounts receivable				-$632	-$247	-$433	-$1,065	-$633	-$1,185	-$289	$774	-$2,402	-$1,290
Increase in inventories				-$622	-$1,120	-$449	-$249	$581	-$644	-$277	-$265	-$1,248	-$2,527
Increase in accounts payable and accrued liabilities				$1,821	$955	-$3	$656	$2,725	$3,951	$4,060	$5,141	$2,437	$1,098
Decrease/(Increase) in other current and non-current assets				-$1,806	$442	$65	$18	-$411	-$275	-$1,054	-$3,704	-$1,964	$687
(Decrease)/Increase in other current and non-current liabilities				$298	-$1,096	$2,159	-$1,133	$8,979	-$1,844	$1,425	$744	-$1,061	-$1,979
Sum				-$941	-$1,066	$1,339	-$1,773	$11,241	$3	$3,865	$2,690	-$4,238	-$4,011
Google --> Morningstar			-$1,969	-$941	-$1,066	$1,339	-$1,773	$11,241	$3	$3,865	$2,690	-$4,238	-$4,011
Differnce				$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Morningstar				-$941	-$1,066	-$1,339	-$1,773
Differnce				$0	$0	$2,678	$0
OPM	26.60%	21.99%	22.90%	24.42%	24.85%	27.51%	26.82%	27.54%	27.21%	28.54%	28.50%	24.96%	22.32%	31.27%				-2.53%	<-Total Growth	10	OPM		US$
Increase	-0.62%	-17.36%	4.17%	6.62%	1.76%	10.72%	-2.53%	2.70%	-1.19%	4.86%	-0.13%	-12.41%	-10.58%	40.08%					Should increase		or be stable.		US$
Diff from Median	-1.5%	-18.6%	-15.2%	-9.6%	-8.0%	1.8%	-0.7%	1.9%	0.7%	5.6%	5.5%	-7.6%	-17.4%	15.7%				0.00	<-Median->	10	OPM		US$
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	27.02%	5 Yrs	27.21%					should be	zero, it is a		check on calculations		US$
Long Term Debt					$15,122	$12,857	$22,442	$30,675	$27,684	$26,494	$32,635	$32,635	$32,635	$33,901							Debt		US$
Change						-14.98%	74.55%	36.69%	-9.75%	-4.30%	23.18%	0.00%	0.00%	3.88%				0.00%	<-Median->	8	Change		US$
Long Term Debt/ Market Cap Ratio					0.05	0.05	0.07	0.08	0.08	0.07	0.08	0.07	0.07	0.09				0.07	<-Median->	10	% of Market C.		US$
Assets/Current Liabilities Ratio					5.23	4.81	5.37	5.15	4.90	4.39	4.12	4.02	3.36	3.54				4.81	<-Median->	9	Assets/Current Liab Ratio		US$
Current Liabilities/Asset Ratio					0.19	0.21	0.19	0.19	0.20	0.23	0.24	0.25	0.30	0.28				0.21	<-Median->	9	Current Liab/Asset Ratio		US$
Debt to Cash Flow (Years)					0.82	0.67	1.16	1.46	1.25	1.13	1.39	1.39	1.54	1.28				1.25	<-Median->	9	Debt to Cash Flow (Years)		US$
Intangible			$28,752	$27,947	$27,222	$25,764	$26,876	$53,228	$47,611	$47,643	$53,402	$46,392	$46,392	$46,246				61.35%	<-Total Growth	10	Intangibles		US$
Goodwill			$22,424	$22,798	$21,832	$21,629	$22,805	$31,906	$30,453	$33,639	$36,393	$35,246	$35,246	$45,440				57.18%	<-Total Growth	10	Goodwill		US$
Total			$51,176	$50,745	$49,054	$47,393	$49,681	$85,134	$78,064	$81,282	$89,795	$81,638	$81,638	$91,686				59.52%	<-Total Growth	10	Total		US$
Change				-0.84%	-3.33%	-3.39%	4.83%	71.36%	-8.30%	4.12%	10.47%	-9.08%	0.00%	12.31%				-0.42%	<-Median->	10	Change		US$
Intangibles/ Market Cap Ratio			0.26	0.20	0.17	0.17	0.16	0.23	0.23	0.21	0.22	0.18	0.18	0.23				0.18	<-Median->	10	% of Market C.		US$
Current Assets	$47,307	$54,316	$46,116	$56,407	$59,311	$60,210	$65,032	$43,088	$46,933	$45,274	$51,237	$60,979	$55,294	$60,567				Liquidity ratio of 1.5 and up, best					US$
Current Liabilities	$23,072	$22,811	$24,262	$25,675	$25,085	$27,747	$26,287	$30,537	$31,230	$35,964	$42,493	$45,226	$55,802	$54,170				1.46	<-Median->	10	Ratio		US$
Liquidity	2.05	2.38	1.90	2.20	2.36	2.17	2.47	1.41	1.50	1.26	1.21	1.35	0.99	1.12				1.26	<-Median->	5	Ratio		US$
Liq. with CF aft div	2.51	2.74	2.26	2.59	2.79	2.57	2.88	1.81	1.91	1.64	1.51	1.62	1.16	1.38				1.62	<-Median->	5	Ratio		US$
Liq. CF re  Inv+Div	1.87	2.28	1.91	2.16	1.87	2.01	2.44	1.22	1.74	1.40	1.02	1.36	0.95	1.38				1.36	<-Median->	5	Ratio		US$
Assets	$102,908	$113,644	$121,347	$132,683	$131,119	$133,411	$141,208	$157,303	$152,954	$157,728	$174,894	$182,018	$187,378	$191,686				Debt Ratio of 1.5 and up, best					US$
Liabilities	$46,329	$56,564	$56,521	$58,630	$61,367	$62,261	$70,790	$97,143	$93,202	$98,257	$111,616	$107,995	$110,574	$115,277				1.69	<-Median->	10	Ratio		US$
Debt Ratio	2.22	2.01	2.15	2.26	2.14	2.14	1.99	1.62	1.64	1.61	1.57	1.69	1.69	1.66				1.64	<-Median->	5	Ratio		US$
Estimates BVPS														$30.70	$34.20	$37.30			Estimates		Estimates BVPS
Estimate Book Value														$79,763	$88,856	$96,911			Estimates		Estimate Book Value
P/B Ratio (Close)														4.93	4.42	4.06			Estimates		P/B Ratio (Close)
Difference from 10 year median															-12.63%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$56,579	$57,080	$64,826	$74,053	$69,752	$71,150	$70,418	$60,160	$59,752	$59,471	$63,278	$74,023	$76,804	$76,409	$76,409	$76,409		18.48%	<-Total Growth	10	Book Value		US$
pre-split 2001
Book Value per Share	$20.66	$20.95	$23.33	$26.25	$25.06	$25.82	$26.02	$22.43	$22.44	$22.59	$24.04	$28.16	$29.39	$29.41	$29.41	$29.41		25.95%	<-Total Growth	10	Book Value per Share		US$
Change	12.70%	1.40%	11.34%	12.53%	-4.54%	3.04%	0.75%	-13.80%	0.08%	0.66%	6.40%	17.14%	4.37%	0.08%	0.00%	0.00%		-8.80%	P/B Ratio		Current/10 Year Median		US$
P/B Ratio (Median)	2.98	3.00	2.89	3.16	3.90	3.82	4.25	5.70	5.95	6.02	5.59	5.91	5.86	5.54				5.46	P/B Ratio		Historical Median
P/B Ratio (Close)	3.00	3.13	3.00	3.49	4.17	3.98	4.43	6.23	5.75	6.46	6.55	6.08	6.01	5.14	5.14	5.14		2.33%	<-IRR #YR->	10	Book Value	25.95%	US$
Change	-14.68%	4.41%	-4.00%	16.11%	19.60%	-4.67%	11.32%	40.69%	-7.71%	12.30%	1.40%	-7.20%	-1.06%	-14.42%	0.00%	0.00%		5.55%	<-IRR #YR->	5	Book Value	31.03%	US$
Leverage (A/BV)	1.82	1.99	1.87	1.79	1.88	1.88	2.01	2.61	2.56	2.65	2.76	2.46	2.44	2.51				2.56	<-Median->	5	A/BV		US$
Debt/Equity Ratio	0.82	0.99	0.87	0.79	0.88	0.88	1.01	1.61	1.56	1.65	1.76	1.46	1.44	1.51				1.56	<-Median->	5	Debt/Eq R.		US$
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	5.64	5 yr Med	5.91		-8.80%	Diff M/C		1.87	Historical		Leverage (A/BK)
			-$23.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.39
								-$22.43	$0.00	$0.00	$0.00	$0.00	$29.39
														$13,145	<-12 mths	-27.10%
Comprehensive Income	$12,861	$7,571	$10,675	$16,781	$8,461	$12,966	$14,804	$3,002	$13,506	$14,450	$15,363	$23,062	$18,032					68.92%	<-Total Growth	10	Comprehensive Income		US$
Increase	-9.19%	-41.13%	41.00%	57.20%	-49.58%	53.24%	14.18%	-79.72%	349.90%	6.99%	6.32%	50.11%	-21.81%					6.99%	<-Median->	5	Comprehensive Income		US$
5 Yr Running Average	$11,807	$11,050	$10,786	$12,410	$11,270	$11,291	$12,737	$11,203	$10,548	$11,746	$12,225	$13,877	$16,883					5.38%	<-IRR #YR->	10	Comprehensive Income	68.92%	US$
ROE	22.7%	13.3%	16.5%	22.7%	12.1%	18.2%	21.0%	5.0%	22.6%	24.3%	24.3%	31.2%	23.5%					43.13%	<-IRR #YR->	5	Comprehensive Income	500.67%	US$
5Yr Median	27.7%	22.7%	20.4%	22.7%	16.5%	16.5%	18.2%	18.2%	18.2%	21.0%	22.6%	24.3%	24.3%					4.58%	<-IRR #YR->	10	5 Yr Running Average	56.52%	US$
% Difference from NI	-3.5%	-21.7%	1.5%	21.3%	-48.2%	-15.9%	-10.5%	130.9%	-11.7%	-4.4%	4.4%	10.5%	0.5%					8.55%	<-IRR #YR->	5	5 Yr Running Average	50.70%	US$
Median Values										Diff	5, 10 yr	-2.0%	0.5%					24.3%	<-Median->	5	Return on Equity		US$
			-$10,675	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18,032
								-$3,002	$0	$0	$0	$0	$18,032
			-$10,786	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$16,883
								-$11,203	$0.0	$0.0	$0.0	$0.0	$16,883
Current Liability Coverage Ratio	0.75	0.55	0.72	0.71	0.78	0.65	0.80	0.32	0.71	0.54	0.49	0.61	0.45	0.49							CFO / Current Liabilities		US$
5 year Median	0.70	0.70	0.72	0.71	0.72	0.71	0.72	0.71	0.71	0.65	0.54	0.54	0.54	0.49				0.63	<-Median->	10	Current Liability Cov Ratio		US$
Asset Efficiency Ratio	16.77%	11.13%	14.31%	13.83%	14.90%	13.45%	14.91%	6.24%	14.51%	12.40%	11.92%	15.19%	13.45%	13.83%							CFO / Total Assets		US$
5 year Median	17.04%	16.77%	16.09%	14.31%	14.31%	13.83%	14.31%	13.83%	14.51%	13.45%	12.40%	12.40%	13.45%	13.45%				13.6%	<-Median->	10	Return on Assets		US$
Return on Assets ROA	12.96%	8.51%	8.66%	10.42%	12.45%	11.55%	11.71%	0.83%	10.00%	9.59%	8.41%	11.47%	9.57%	8.10%				Net	Income/Assets		Return on Assets		US$
5Yr Median	13.06%	12.96%	12.95%	10.42%	10.42%	10.42%	11.55%	11.55%	11.55%	10.00%	9.59%	9.59%	9.59%	9.57%				10.2%	<-Median->	10	Asset Efficiency Ratio		US$
Return on Equity ROE	23.57%	16.94%	16.22%	18.68%	23.40%	21.66%	23.49%	2.16%	25.60%	25.42%	23.25%	28.20%	23.36%	20.32%				Net Inc/	Shareholders' equity		Return on Equity		US$
5Yr Median	24.41%	24.25%	23.57%	18.68%	18.68%	18.68%	21.66%	21.66%	23.40%	23.49%	23.49%	25.42%	25.42%	23.36%				23.4%	<-Median->	10	Return on Equity		US$
														$13,054	<-12 mths	-27.24%
Net Income	$13,334	$9,672	$10,514	$13,831	$16,323	$15,409	$16,540	$1,300	$15,297	$15,119	$14,714	$20,878	$17,941	$15,525	$21,150	$22,151		70.64%	<-Total Growth	10	Net Income		US$
Increase	8.71%	-27.46%	8.71%	31.55%	18.02%	-5.60%	7.34%	-92.14%	1076.69%	-1.16%	-2.68%	41.89%	-14.07%	-13.47%	36.23%	4.73%		EPS/CF Ratio should not be higher than 1.00					US$
5 Yr Running Average	$12,036	$11,759	$11,747	$11,923	$12,735	$13,150	$14,523	$12,681	$12,974	$12,733	$12,594	$13,462	$16,790	$16,835	$18,042	$19,529		5.49%	<-IRR #YR->	10	Net Income	70.64%	US$
Operating Cash Flow	$16,385	$14,298	$15,396	$17,414	$18,471	$19,279	$19,279	$21,056	$22,201	$23,416	$23,536	$23,410	$21,194					69.04%	<-IRR #YR->	5	Net Income	1280.08%	US$
Investment Cash Flow	-$7,854	-$4,612	-$4,510	-$5,163	-$12,305	-$7,735	-$4,761	-$14,868	-$3,167	-$6,194	-$20,825	-$8,683	-$12,371					3.64%	<-IRR #YR->	10	5 Yr Running Average	42.93%	US$
Total Accruals	$4,803	-$14	-$372	$1,580	$10,157	$3,865	$2,022	-$4,888	-$3,737	-$2,103	$12,003	$6,151	$9,118					5.77%	<-IRR #YR->	5	5 Yr Running Average	32.41%	US$
Total Assets	$102,908	$113,644	$121,347	$132,683	$131,119	$133,411	$141,208	$157,303	$152,954	$157,728	$174,894	$182,018	$187,378						Balance Sheet		Assets		US$
Accruals Ratio	4.67%	-0.01%	-0.31%	1.19%	7.75%	2.90%	1.43%	-3.11%	-2.44%	-1.33%	6.86%	3.38%	4.87%					3.38%	<-Median->	5	Ratio		US$
EPS/CF Ratio	0.76	0.75	0.62	0.74	0.81	0.84	0.76	0.13	0.67	0.76	0.70	0.74	0.70					0.74	<-Median->	10	EPS/CF Ratio		US$
			-$10,514	$0	$0	$0	$0	$0	$0	$0	$0	$0	$17,941
								-$1,300	$0	$0	$0	$0	$17,941
			-$11,747	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,790
								-$12,681	$0	$0	$0	$0	$16,790
Change in Close	-3.83%	5.88%	6.89%	30.66%	14.17%	-1.77%	12.16%	21.27%	-7.64%	13.03%	7.89%	8.70%	3.26%	-14.36%	0.00%	0.00%			Count	31	Years of data
up/down						Down						down							Count	7	22.58%
Meet Prediction?																		% right	Count	1	14.29%
Financial Cash Flow	-$4,980	-$4,452	-$20,562	-$6,091	-$12,260	-$10,846	-$8,551	-$7,673	-$18,510	-$18,015	-$6,120	-$14,047	-$8,871						C F Statement		Financial Cash Flow		US$
Total Accruals	$9,783	$4,438	$20,190	$7,671	$22,417	$14,711	$10,573	$2,785	$14,773	$15,912	$18,123	$20,198	$17,989								Accruals		US$
Accruals Ratio	9.51%	3.91%	16.64%	5.78%	17.10%	11.03%	7.49%	1.77%	9.66%	10.09%	10.36%	11.10%	9.60%					10.09%	<-Median->	5	Ratio		US$
Cash	$19,355	$24,542	$14,911	$20,927	$14,523	$13,732	$18,972	$17,824	$18,197	$17,305	$13,985	$14,487	$14,127	$21,183							Cash		US$
Cash per Share	$7.07	$9.01	$5.37	$7.42	$5.22	$4.98	$7.01	$6.64	$6.84	$6.57	$5.31	$5.51	$5.41	$8.15				$5.51	<-Median->	5	Cash per Share		US$
Percentage of Stock Price	11.41%	13.74%	7.66%	8.10%	4.99%	4.85%	6.08%	4.76%	5.30%	4.51%	3.38%	3.22%	3.06%	5.39%				3.38%	<-Median->	5	% of Stock Price		US$
Notes
October 27, 2023.  Last estimates were for 2022, 2023 and 2024 of $95038M, $97686M, $100178M for Revenue, $10.05, $10.36 and $10.75 for AEPS, $7.94,
$8.78 and $9.32 for EPS $4.37, $4.61 and $4.84 for Dividends, $19850M, $25850M and $25665M for FCF, $10.60, $11.40 and $12.20 for CFPS, and $20.677M, $22440M and $23719M for Net Income.
October 30, 2022.  Last estimates were for $94279M, $97743M and $101520M for Revenue, $9.80, $10.33 and $10.94 for AEPS, $8.29, $9.30 and $9.79 for EPS,
$4.16, $4.44 and $4.65 for Dividends, $19898M, $25729M and $26777M for FCF, $9.16, $11.30 and $12.10 for CFPS, and $22540M, $23391M and $25049M for Net Income.
Decided not to do this stock in Feb as it was only in Oct I had done it before.
February 6, 2021.  Last estimates were for
October 28, 2021.  Last estimates were for 2020, 2021 and 2022 of $81814M, $88324M and $92567M for Revenue, $8.01, $9.00 and $9.80 for Adj EPS, $6.08, $7.52 and $7.74 for EPS,
$3.98, $4.25 and $4.47 for Dividends, $15832, $21821M and $24533M for FCF, $7.69, $9.88 and $11.60 for CFPS, $15967M, $18332M and $19741M for Net Income.
November 7, 2020.  Last estimates were for 2019, 2020 and 2021 of $82218M, $85294M and $89527M for Revenue, $8.37, $8.37 for Adj EPS for 2019 and 2020,
$6.47, $7.41 and $8.85 for EPS, $9.00, $10.90 and $10.90 for CFPS and $16943M, $19579M and $21585M for Net Income
November 10, 2019.  Last estimates were for 2018, 2019 and 2020 of  $81366M, $82870M and $86759M for Revenue, $7.86, $8.37 and $8.37 for EPS,
$8.53, $10.50 and $10.90 for CFPS and $18277M, $20787M and $13633 for Net Income.
November 11, 2018.  Last estimates were for 2017, 2018 and 2019 of $76361M, $80672M and $84058M for Revenue, $7.28, $7.86 and $8.57 for Adj EPS,
$5.96, $7.25 and $8.00 for EPS, $7.03, $9.07 and $9.65 for CFPS, $16391M, $19573M and $21612M for Net Income.
November 18, 2017.  Last estimates were for 2016, 2017 and 2018 of 72080M, $75592M and $78247M for Revenue, $6.72, $7.15 and $7.66 for Adjusted EPS,
$5.98, $6.52 andf $6.52 for EPS, $6.54 and $8.16 for CFPS for 2016 and 2017 and $16117M and $17427M for 2016 and 2017 for Net Income.
November 19, 2016.  Last estimtes were for 2015, 2016 and 2017 of $70173M, $72312M and $75389M for Revenue, $6.12, $6.69 for 2015 and 2016 of Adjusted EPS,
$5.63, $5.989 and $6.52 for EPS, $6.54, $7.52 and $8.16 for CFPS, $15985M, $16117M and $17417M for Net Income.
November 22, 2015.  Last estimates were for 2014, 2015 and 2016 of $74796, $75748 and $78493 for Revenue, $5.80, $6.08 and $6.64 for EPS,
$6.88, $7.64 and $8.28 for CFPS and $16608M, $17424M and $19021M for Net Income.
November 25, 2014.  Last estimates were for 70898M, 73921M and $77198M for revenue, $5.48, $5.84 and $6.24 for Adjusted Earnings, $3.96 for EPS for 2013, $5.55,  $6.89 and $7.10 for CFPS.
November 2, 2013.  Last estimates were for 2012 and 2013 and were $67,166M and $72,120M for revenue, Adjusted earnings of $5.06 and $5.47, EPS of $3.52 and $3.96.
Sep 11, 2012.  Last estimates were for 2011 and 2012 of EPS $4.84 and $5.12 USD
Feb 19, 2011.  I noticed that my number of shares were off and corrected them.  The further back I went the closer where the share No. I had.  I obvious do not know how to get No. of shares
from JNJ annual statements.  The current share number times stock price is now close to market cap of a number of sites. Dec 2010 figures are from unaudited statements.
However, so far JNJ has only put out income statement.
2006. Stock is going no where, so I am selling.
AP 2005.  I sometimes wonder if I did the right thing to buy this stock.  Looking at reports Srandard and Poor rating it a buy as do Vickers.  I will hold for now.  Dividends are good.
JNJ traces its roots back 128 years, to 1886, when it was founded by three brothers: Robert Wood Johnson, James Wood Johnson and Edward Mead Johnson, in New Brunswick, New Jersey.
Johnson & Johnson began trading publicly in 1944.
Increased it dividends for 54 years in 2016.
Sector
Health Care, Consumers
What should this stock accomplish?
Would I buy this company and Why.
If I were looking for a US stock to buy I would consider this stock.
Why am I following this stock.
As Canadians, we are told we should be buying US stocks for our portfolio.  It is often recommended that we have at least 25% of our portfolio in US stocks.  I have never followed this,
although I have tried dipping into the US market, but I have never made any money there.  I bought some of this stock in June 2005 and realized a year later, in June of 2006 that it was going nowhere for
me and sold.  I lost almost 17% of my investment.  When I bought in 2005, all the analysts were saying that it was a good buy at that time.
Dividends
It is in cycle 3.  Dividends are declared in the prior month.  Dividends are paid in March,  June, September and December.
For example, the dividend declared for shareholders of record of February 26, 2013 was paid on March 12, 2013.
How they make their money.
Johnson & Johnson's biggest strength is its diversified business model. It operates through pharmaceuticals, medical devices and consumer products divisions. Its diversification helps it to
withstand economic cycles more effectively. J&J has one of the largest research and development (R&D) budget among pharma companies. J&J's worldwide business is divided into three segments: Pharmaceutical, Medical Devices and Consumer.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2015	Nov 19	2016	Nov 18	2017	Nov 11	2018	Nov 10	2019	Nov 7	2020	Oct 28	2021	Oct 30	2022			Oct 27	2023
Duato, Joaquin						0.094	0.004%	0.115	0.004%	0.177	0.007%	0.197	0.007%	0.247	0.009%			0.305	0.012%		Now also Chair	23.75%
Chair & CEO - Shares - Amount							$12.157		$16.827		$27.882		$33.665		$43.590				$46.198
Options - percentage						0.000	0.000%	0.211	0.008%	0.016	0.001%	0.011	0.000%	0.008	0.000%			0.000	0.000%			-100.00%
Options - amount							$0.000		$30.751		$2.507		$1.822		$1.393				$0.000
Wolk, Joseph J.						0.011	0.000%	0.016	0.001%	0.021	0.001%	0.025	0.001%	0.038	0.001%			0.052	0.002%			38.78%
CFO - Shares - Amount							$1.465		$2.292		$3.327		$4.268		$6.677				$7.936
Options - percentage						0.000	0.000%	3.249	0.123%	0.007	0.000%	0.007	0.000%	0.006	0.000%			0.000	0.000%			-100.00%
Options - amount							$0.000		$473.932		$1.054		$1.186		$1.008				$0.000
Caruso Dominic J	0.00%	0.117	0.004%	0.144	0.005%
CFO - Shares - Amount	$9.142		$13.478		$20.179
Options - percentage	0.00%	0.000	0.000%	0.000	0.000%
Options - amount	$0.000		$0.000		$0.000
Broadhurst, Vanessa														0.016	0.001%			0.019	0.001%			22.57%
Officer - Shares - Amount															$2.768				$2.905
Options - percentage														0.002	0.000%			0.003	0.000%			47.11%
Options - amount															$0.367				$0.462
Fasolo, Peter														0.180	0.007%			0.103	0.004%			-42.94%
Officer - Shares - Amount															$31.779				$15.529
Options - percentage														0.000	0.000%			0.000	0.000%			#DIV/0!
Options - amount															$0.000				$0.000
Beckerte, Mary C.		0.000	0.000%	0.000	0.000%	0.000	0.000%	0.000	0.000%	0.000	0.000%	0.000	0.000%	0.000	0.000%			0.000	0.000%			#DIV/0!
Director - Shares - Amount			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage		0.002	0.000%	0.002	0.000%	0.005	0.000%	0.006	0.000%	0.008	0.000%	0.009	0.000%	0.001	0.000%			0.012	0.000%			1048.91%
Options - amount			$0.188		$0.228		$0.606		$0.908		$1.199		$1.531		$0.183				$1.800
Davis, D. Scott										0.000	0.000%	0.000	0.000%	0.000	0.000%			0.000	0.000%			#DIV/0!
Director - Shares - Amount											$0.000		$0.000		$0.000				$0.000
Options - percentage										0.009	0.000%	0.011	0.000%	0.012	0.000%			0.014	0.001%			13.13%
Options - amount											$1.474		$1.838		$2.155				$2.088
Coleman Mary Sue	0.00%	0.012	0.000%
Director - Shares - Amount	$1.294		$1.377
Options - percentage	0.00%	0.025	0.001%
Options - amount	$2.358		$2.913
Mulchay, Anne M.														0.000	0.000%			0.000	0.000%			#DIV/0!
Lead Director - Shares - Amount															$0.000				$0.000
Options - percentage														0.018	0.001%			0.019	0.001%			10.10%
Options - amount															$3.128				$2.949
Gorsky, Alex	0.004%	0.178	0.007%	0.261	0.010%	0.338	0.013%	0.391	0.015%	0.453	0.017%	0.478	0.018%	0.587	0.022%
Chairman - Shares - Amount	$11.790		$20.543		$36.534		$43.631		$57.040		$71.234		$81.752		$103.721
Options - percentage	0.01%	0.181	0.007%	0.095	0.004%	0.073	0.003%	0.055	0.002%	0.034	0.001%	0.022	0.001%	0.017	0.001%
Options - amount	$15.324		$20.826		$13.207		$9.469		$8.012		$5.285		$3.797		$2.978
Increase in O/S Shares	1.16%	24.413	0.89%	30.839	1.14%	25.508	0.95%	22.082	0.83%	20.053	0.76%	21.765	0.827%	20.946	0.797%			20.007	0.761%		Search for Stock Option
due to SO	########		$2,507.703		$3,552.961		$3,563.978		$2,849.682		$2,925.131		$3,425.376		$3,583.232				$3,422.597		Plans
Book Value	########		$2,497.000		$3,311.000		$3,156.000		$3,060.000		$2,691.000		$3,148.000		$3,456.000				$3,440.000		Repurchase of Common
Insider Buying	-$0.496		-$0.100		$0.000		$0.000		-$0.922		-$0.770		$0.000		$0.000				$0.000		Stock
Insider Selling	$32.276		$35.518		$36.179		$29.856		$67.414		$17.994		$8.359		$32.997				$32.997
Net Insider Selling	$31.780		$35.418		$36.179		$29.856		$66.492		$17.223		$8.359		$32.997				$32.997
% of Market Cap	0.01%		0.01%		0.01%		0.01%		0.02%		0.00%		0.00%		0.01%				0.01%
Directors		10		10		11		12		13		14		14				12
Women	31%	2	20%	2	20%	3	27%	4	33%	4	31%	5	36%	5	36%			6	50%
Minorities	15%	2	20%	2	20%	2	18%	2	17%	2	15%	3	21%	2	14%			2	17%
														20	31.88%			20	42.68%
														838.080	31.88%			1,027.822	39.560%
														9.247	1.12%			-6.443	-0.62%
														828.834	MS			1,034.264	MS
Institutions/Holdings		2,291	65.19%	3,065	67.84%	3,318	67.84%	20		3,054	69.12%			3,741	70.05%			3,741	74.86%
Total Shares Held		1,773.413	65.52%	1,822.459	67.938%	1,828.572	68.683%	995.990	37.411%	1,819.724	69.13%			1,831.436	69.66%			1,802.637	69.38%
Increase/Decrease		-48.518	-2.66%	-0.467	-0.03%	-2.962	-0.16%	-7.622	-0.76%	112.983	6.62%			1.793	0.10%			9.603	0.54%
Starting No. of Shares		1,821.932		1,822.926	reuters	1,831.533	reuters	1,003.612	Top 20	1,706.740	Nasdaq			1,829.643	Nasdaq			1,793.034	Nasdaq
My Stock